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2004 (9) TMI 75 - HC - Income TaxFirst issue pertains to the treatment of the loss arising on account of transfer of land measuring 4.063 hectare to the forest department in lieu of the use of forest land for laying the drainage for discharge of effluent. The Assessing Officer treated the loss as capital loss whereas according to the assessee, the same ought to have been allowed as "business loss" – second issue relates to the finding of the Tribunal that out of the sum of Rs. 14.75 crores, paid by the assessee for purchasing the paper division of M/s. Zenith Limited, only a sum of Rs. 10,18,28,313 could be allocated towards cost of the fixed assets including plant and machinery - Third issue raised in this appeal is against the finding of the Tribunal that the Assessing Officer was justified in disallowing Rs. 84,474 out of the Diwali expenses by applying rule 6B of the Income-tax Rules, 1962
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